ELEPHANTS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ELEPHANTS
Largest movements
- Cash +€56,831
up €56,831 (+89.6%), from €63,398 to €120,229
mainly Net result for the year (+€38,551) and Receivables within one year (+€10,384)
- Receivables within one year -€10,384
down €10,384 (-37.6%), from €27,584 to €17,200
of which Trade receivables: -€6,850
- Profit (loss) carried forward +€38,551
up €38,551 (+43.5%), from €88,575 to €127,126
- Tax, wage and social debts +€8,511
new in 2025: €8,511
- Gross operating margin -€44,453
down €44,453 (-46.9%), from €94,872 to €50,419
- Taxes -€9,532
down €9,532 (-46.2%), from €20,622 to €11,091
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,921 | €138,639 | +€45,718 | +49.2% |
| Fixed assets | 21/28 | €1,939 | €1,211 | -€728 | -37.6% |
| Tangible fixed assets | 22/27 | €1,939 | €1,211 | -€728 | -37.6% |
| Furniture and vehicles | 24 | €1,939 | €1,211 | -€728 | -37.6% |
| Current assets | 29/58 | €90,982 | €137,429 | +€46,447 | +51.1% |
| Amounts receivable within one year | 40/41 | €27,584 | €17,200 | -€10,384 | -37.6% |
| Trade receivables | 40 | €20,140 | €13,290 | -€6,850 | -34.0% |
| Other amounts receivable | 41 | €7,444 | €3,909 | -€3,534 | -47.5% |
| Cash at bank and in hand | 54/58 | €63,398 | €120,229 | +€56,831 | +89.6% |
| Total equity and liabilities | 10/49 | €92,921 | €138,639 | +€45,718 | +49.2% |
| Equity | 10/15 | €90,575 | €129,126 | +€38,551 | +42.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,575 | €127,126 | +€38,551 | +43.5% |
| Amounts payable | 17/49 | €2,345 | €9,513 | +€7,168 | +305.6% |
| Amounts payable within one year | 42/48 | €2,345 | €9,513 | +€7,168 | +305.6% |
| Trade debts | 44 | €2,248 | €884 | -€1,364 | -60.7% |
| Suppliers | 440/4 | €2,248 | €884 | -€1,364 | -60.7% |
| Taxes, remuneration and social security | 45 | - | €8,511 | +€8,511 | |
| Taxes | 450/3 | - | €8,511 | +€8,511 | |
| Other amounts payable | 47/48 | €98 | €118 | +€20 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €389 | €728 | +€339 | +87.2% |
| Other operating charges | 640/8 | €373 | €6 | -€368 | -98.5% |
| Gross operating margin | 9900 | €94,872 | €50,419 | -€44,453 | -46.9% |
| Operating profit (loss) | 9901 | €94,110 | €49,685 | -€44,424 | -47.2% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €39 | €51 | +€12 | +29.4% |
| Recurring financial charges | 65 | €39 | €51 | +€12 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €94,070 | €49,641 | -€44,429 | -47.2% |
| Income taxes | 67/77 | €20,622 | €11,091 | -€9,532 | -46.2% |
| Profit (loss) for the period | 9904 | €73,448 | €38,551 | -€34,897 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,448 | €38,551 | -€34,897 | -47.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.